Binance acquires 18% stake in Singapore-based security-token platform Hg Exchange

Binance’s Singapore subsidiary has become the owner of an 18% stake in the local regulated security-token platform Hg Exchange.

The deal is subject to regulatory approval. Financial terms were not disclosed.

HGX, founded in 2019 by PhillipCapital, PrimePartners and Fundnel, holds a license from the MAS, the recognised market regulator. It enables trading of digital tokens and securities.

In addition to security-tokens of private companies, HGX focuses on listing tokenised wine, art and real estate.

The trading platform runs on the Zilliqa blockchain.

“We intend to cooperate with HGX in expanding blockchain-based product and service offerings,” said Richard Teng, CEO of Binance Singapore.

Binance operates in the country through Binance Asia Services Pte. Ltd. Currently this entity is on the MAS list of entities exempt from holding a license under the Payments Services Act.

Binance Singapore, which owns the binance.sg domain, has submitted a license application to MAS and is currently operating “under the relevant exemption”.

Earlier in November, said about plans to open Binance’s headquarters in France.

Later, he added that the UAE and Singapore were also among the possible jurisdictions. In early December, it emerged that plans to obtain registration in the United Kingdom were underway.

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